Aldermen discussed the process of the negotiations with the state, which have been almost entirely behind closed doors.

Nik Kovac said the state will get the biggest tax benefit in the deal.

"Yet the state is the one who said, 'Let's make the city and county pay,'" he said. "To me, that has nothing to do with dollars and cents, and everything to do with punishing taxpayers they don't like."

The state and county will contribute $4 million per year for 20 years into the plan. The city will contribute $47 million through a TIF district and parking ramp, and the Wisconsin Center District will contribute $94 million in tax revenues from existing entertainment and room taxes.

Council President Michael Murphy said the proposal needs to clear several hurdles before it becomes a done deal.

"At this point in time, we're clearly not sure yet whether this will be passed by the state Legislature," he said.

Barrett said all parties involved are continuing the discussion.

"What we're trying to do in our conversations with the Bucks is we're both looking for certainty," he said. "The team wants certainty, and so do we. We're trying to nail down as many issues as we can, as soon as we can."

Gov. Scott Walker said Thursday that if the Bucks were to leave Wisconsin, the state would lose $299 million in income taxes, and would spend about $120 in maintaining or tearing down the existing Bradley Center.

The NBA has given the Bucks owners until 2017 to move to a new arena or face a possible relocation of the franchise.